FAQs
Frequently Asked Questions:
What is Diminished Value?
It’s your vehicle’s accelerated depreciation caused by an accident or incident.
When is my vehicle declared a Total Loss?
If the repair cost exceeds 75% of the retail value.
Can I dispute the valuation the insurance company presents me?
Yes, in both Total loss and diminished value cases you don’t have to agree with the insurance company. Most people do and leave money on the table.
How long does it take after the dispute starts before I can collect my fair settlement?
It all depends on the adjuster handling your claim and the dynamic that exists between both of you, but usually no later than 15 days.
My car is financed, do I qualify for Diminished Value?
Yes. As long as you’re the registered owner, you can request Diminished Value.
My car is leased, do I qualify for Diminished Value?
No. The vehicle’s Owner is the only person/entity allowed to be compensated for the vehicle’s loss in value. Notify the leasing company, they might allow you to collect on their behalf. Usually if you offer to buy the vehicle.
My car had an accident before, does it still qualify for Diminished Value?
Yes, but your compensation will be reduced.
The insurance company sent me a check in the mail for Diminished Value, do I cash it?
No, it’s not recommended.
I already cashed my Diminished Value check, what happens now?
Depending on how long ago the check was cashed, you might be able to still apply for a supplement.
How much can I expect for Diminished Value?
This all depends on the severity of the accident and what kind of car you have. Visit our Estimate page for a free quote.
Do I need an attorney to help me collect Diminished Value?
Technically, No. But an attorney is very useful in resolving bodily injury claims and other non-property related damages. We recommend hiring a GTLA member. List.
How can I pick the right appraiser?
Picking the best appraiser page.
What is 17c?
It’s a bad formula insurance companies use. 17c and why it’s bad.
I already sold my car, can I still apply for Diminished Value?
Depends on the insurance company, most cases yes.
Do I need an inspection?
Yes, an appraisal without a physical inspection is just an estimate. In some cases we choose not to physically inspect the vehicle, it all depends on your claim. Please call us at 678-404-0455 to check.
How long will it take to get your report?
In most cases, it’s no later than the end of the next business day.
What happens if the insurance company gets their own appraiser.
That is good news. On a first party claim, we negotiate with their appraiser to reach a settlement.
My repair cost was less than $1,000.
The law does not specify a minimum damage amount in order to apply for Diminished Value. Some high end or luxury vehicles are effected by Diminished Value even if it’s minimal damage. Vehicles under $10,000 in retail value are rarely affected by damages under $1,000.
Will my accident show up on the Carfax report?
If there is a police report recording the accident, yes. Otherwise, Maybe.
Can I hire an out of state appraiser?
Sure, as long as they inspect the vehicle and are competent to appear in a GA court if need be.
Is an independent appraiser hired by an insurance company?
An independent appraiser can be hired by anyone wishing for an unbiased opinion. As long as the appraiser is not a salaried employee of an insurer or a government agency, he can perform appraisals to anyone or anybody seeking one. If an appraiser is hired by an insurer, it is for a specific assignment and his opinion should be the same regardless who hires him. If an appraiser received more than 35% of his income from 1 source, he is no longer independent.
Does DVGA work for insurance companies?
No, Diminished Value of Georgia is an independent auto appraisal company, it is assigned appraisals from the general public as well as rental agencies, self insured entities and insurance companies. 90% of our business is generated from individuals seeking an independent opinion. Our appraisals are the same regardless who hires us to execute them. Insurance companies usually hire us if their appraisal is rejected by a claimant and they need a credible independent opinion to settle the claim or if their own insured has invoked his appraisal clause.
What is the appraisal clause?
On a first party claim, if you fail to reach a settlement with your own insurance company, you have the right to invoke your policy’s appraisal clause.
What does the appraisal clause say?
A. If we and you do not agree on the amount of loss, either may demand an appraisal of the loss. In this event, each party will select a competent appraiser. The two appraisers will select an umpire. The appraisers will state separately the actual cash value and the amount of loss. If they fail to agree, they will submit their differences to the umpire. A decision agreed to by any two will be binding. Each party will:
1. Pay its chosen appraiser; and
2. Bear the expenses of the appraisal and umpire equally.
B. We do not waive any of our rights under this policy by agreeing to an appraisal.
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